Estes | Estes to make major investment in transportation industry real estate with yrc
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Estands4evil
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I believe it was stated in the press releases that we in fact do lease buildings from YRC. I forgot to mention earlier.. I heard we in fact did go into some sort of debt to pull off this deal. The extent of the debt I'm not sure, nor am I actually 100% positive we actually went into debt for this transaction. Just a rumor that's been going around since the Regional VP visited our barn earlier this week.
imported_DemonDeacon
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More Kool-Aid Mr. Zollars?
Every LTL company is number #1, just check their website, they don't even bother with an asterisk, cuz they assume everybody knows it's BS.
This news release was just too juicy for anybody to pass up, and we all knew there would be rampant speculation and rumor-mongering. The deal made sense for both Robey and YRCW at the time. YRC needed an infusion of cash to beat back the wolves, and Estes had the capital to make an investment when real estate is cheap (either for future sale or use).
Every LTL company is number #1, just check their website, they don't even bother with an asterisk, cuz they assume everybody knows it's BS.
This news release was just too juicy for anybody to pass up, and we all knew there would be rampant speculation and rumor-mongering. The deal made sense for both Robey and YRCW at the time. YRC needed an infusion of cash to beat back the wolves, and Estes had the capital to make an investment when real estate is cheap (either for future sale or use).
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This might explain a little. PROPERTY TAX VALUATION CONSIDERATIONS IN SALE-LEASEBACK TRANSACTIONS
imported_rickroadway
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if you want to know whats really happening with the yrc terminal sale and leaseback read this article:
(estes long standing history of cooperation with yrc ? the terminals they are buying will be leased back to yrc, meaning estes gives yrc 120 million dollars to be the landlord for yrc terminals. that works out great for yrc, they stay in the terminals and pocket the cash, nice.)
Estes to Make Major Investment in Transportation Industry Real Estate
RICHMOND, Va., Feb 20, 2009 /PRNewswire via COMTEX/ -- Estes announced today that it has entered into real estate contracts with YRC Worldwide subsidiaries YRC Inc., USF Reddaway, Inc., and USF Holland Inc., to buy and simultaneously lease back facilities located throughout the U.S. The total investment could be as much as $122 million. This move gives Estes the ability to grow its investment network of real estate properties.
Estes and YRC have a long-standing history of cooperation in the less-than-truckload (LTL) arena. The YRC logistics business unit uses Estes as a transportation service provider for its clients in the ordinary course of business. "We have also worked with YRC over the years on many real estate transactions that have included the buying, selling and leasing of properties, which is common practice in the LTL industry," said Estes' Director of Real Estate and Economic Development, Angela Maidment. "This is a continuation of that mutually beneficial relationship, and now is a great time for us to make this kind of long-term investment."
About Estes
Richmond, VA-based Estes is a full-service transportation provider offering coast-to-coast North American coverage. Founded in 1931 by W.W. Estes, the company is still owned and operated by the Estes family. During the past 78 years, Estes has grown from a small, local carrier into one of the most respected multiregional LTL transportation systems in the country. With a network of terminals nationwide, the company offers direct service to all 50 states, Puerto Rico and the Caribbean, all 10 Canadian provinces and virtually all of Mexico. More information about Estes' core services and coverage network is conveniently available on .
For further information, contact Paula E
SOURCE Estes
Copyright (C) 2009 PR Newswire. All rights reserved
it's US (labor) the drivers and dockworkers who are being played with. remember the quote from the article " Estes and YRC have a long-standing history of cooperation in the less-than-truckload (LTL) arena. " we're all out here working hard to make a living at this, myself 31 years, i started driving truck before i knew any better. i've watched these companies union and non- union alike come and go. the only thing that remains the same is the faces. i've been a union driver 26 years and also worked non-union jobs where i was very happy. i do everything i can to get along with all of you out there and have friends who are union and non-union. there are a-***** on bothsides. remember that no matter who's truck your driving.
here is another article from jan 2009 about the sale and leaseback of 150million worth of terminals to NATMI. they are excess capacity YRC will end up with more terminals than either Roadway or Yellow had prior to the merger. the sales are excess capacity, yes to generate cash to pay debt. with this money and 300million in wage givebacks etc YRC will have over ONE Billion Dollars in " operating Efficiency " (CASH) this year alone. LOOKOUT!!!
St. Louis Business Journal
YRC also announced that it entered into a sale-leaseback contract of a pool of the company’s facilities with NATMI Truck Terminals LLC.
The purchase price for the facilities was approximately $150.4 million with initial annual lease payments of $21.1 million.
The deal is expected to generate additional cash for the company, which currently holds more than $250 million in cash.
YRC Worldwide Completes First Phase of Financing Transaction
- Receives $101 Million of Cash Proceeds
OVERLAND PARK, Kan., Jan 30, 2009 /PRNewswire-FirstCall via COMTEX/ -- YRC Worldwide Inc. (Nasdaq: YRCW) announced today that it has closed the first part of the sale and financing leaseback transaction from a contract with NATMI Truck Terminals, LLC ("NATMI") entered on December 19, 2008. The company received approximately $101 million of proceeds today and expects to receive approximately $50 million more in the second closing. Details of the transaction were provided in a Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") on December 24, 2008.
who's kidding who about debt. i quote from the article:
"The deal is expected to generate additional cash for the company, which currently holds more than $250 million in cash."
don't forget the sale of excess equipment
(estes long standing history of cooperation with yrc ? the terminals they are buying will be leased back to yrc, meaning estes gives yrc 120 million dollars to be the landlord for yrc terminals. that works out great for yrc, they stay in the terminals and pocket the cash, nice.)
Estes to Make Major Investment in Transportation Industry Real Estate
RICHMOND, Va., Feb 20, 2009 /PRNewswire via COMTEX/ -- Estes announced today that it has entered into real estate contracts with YRC Worldwide subsidiaries YRC Inc., USF Reddaway, Inc., and USF Holland Inc., to buy and simultaneously lease back facilities located throughout the U.S. The total investment could be as much as $122 million. This move gives Estes the ability to grow its investment network of real estate properties.
Estes and YRC have a long-standing history of cooperation in the less-than-truckload (LTL) arena. The YRC logistics business unit uses Estes as a transportation service provider for its clients in the ordinary course of business. "We have also worked with YRC over the years on many real estate transactions that have included the buying, selling and leasing of properties, which is common practice in the LTL industry," said Estes' Director of Real Estate and Economic Development, Angela Maidment. "This is a continuation of that mutually beneficial relationship, and now is a great time for us to make this kind of long-term investment."
About Estes
Richmond, VA-based Estes is a full-service transportation provider offering coast-to-coast North American coverage. Founded in 1931 by W.W. Estes, the company is still owned and operated by the Estes family. During the past 78 years, Estes has grown from a small, local carrier into one of the most respected multiregional LTL transportation systems in the country. With a network of terminals nationwide, the company offers direct service to all 50 states, Puerto Rico and the Caribbean, all 10 Canadian provinces and virtually all of Mexico. More information about Estes' core services and coverage network is conveniently available on .
For further information, contact Paula E
SOURCE Estes
Copyright (C) 2009 PR Newswire. All rights reserved
it's US (labor) the drivers and dockworkers who are being played with. remember the quote from the article " Estes and YRC have a long-standing history of cooperation in the less-than-truckload (LTL) arena. " we're all out here working hard to make a living at this, myself 31 years, i started driving truck before i knew any better. i've watched these companies union and non- union alike come and go. the only thing that remains the same is the faces. i've been a union driver 26 years and also worked non-union jobs where i was very happy. i do everything i can to get along with all of you out there and have friends who are union and non-union. there are a-***** on bothsides. remember that no matter who's truck your driving.
here is another article from jan 2009 about the sale and leaseback of 150million worth of terminals to NATMI. they are excess capacity YRC will end up with more terminals than either Roadway or Yellow had prior to the merger. the sales are excess capacity, yes to generate cash to pay debt. with this money and 300million in wage givebacks etc YRC will have over ONE Billion Dollars in " operating Efficiency " (CASH) this year alone. LOOKOUT!!!
St. Louis Business Journal
YRC also announced that it entered into a sale-leaseback contract of a pool of the company’s facilities with NATMI Truck Terminals LLC.
The purchase price for the facilities was approximately $150.4 million with initial annual lease payments of $21.1 million.
The deal is expected to generate additional cash for the company, which currently holds more than $250 million in cash.
YRC Worldwide Completes First Phase of Financing Transaction
- Receives $101 Million of Cash Proceeds
OVERLAND PARK, Kan., Jan 30, 2009 /PRNewswire-FirstCall via COMTEX/ -- YRC Worldwide Inc. (Nasdaq: YRCW) announced today that it has closed the first part of the sale and financing leaseback transaction from a contract with NATMI Truck Terminals, LLC ("NATMI") entered on December 19, 2008. The company received approximately $101 million of proceeds today and expects to receive approximately $50 million more in the second closing. Details of the transaction were provided in a Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") on December 24, 2008.
who's kidding who about debt. i quote from the article:
"The deal is expected to generate additional cash for the company, which currently holds more than $250 million in cash."
don't forget the sale of excess equipment
Kings disciple
Ecc. 12:13
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I agree....
I find it interesting that the ones on here that systematicly pick apart a truthful post like this will always avoid two things in a post like this...
Boy the naysayers to this terminal buy-out deal will avoid that one like a 800lb. gorilla every time.
This too is a obvious truth that the ones that seek to downplay the shrewdness of Richmonds deal will always ignore.
Good common sense post Bibba thanks!
Kings disciple
Ecc. 12:13
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rickroadway those articles are old news to us here. We (Estes employees) are getting additional info from inside our company about this deal that is very encouraging.
I used to work for Walsh (NRT) They used to lease themselves tractors that they let fall apart. You would see brand new trucks pulling company trailers, while your 72 mack was limping and smoking along. I had the biggest piece of trash in the fleet, until I took it home and painted it...
.....Good 'ole A9.....
I also stole that truck and hid it for a month, because they owed me tolls. The dummies never missed it.:smilie_132:
.....Good 'ole A9.....
I also stole that truck and hid it for a month, because they owed me tolls. The dummies never missed it.:smilie_132:
Kings disciple
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thats funny.... Boy they sure ran a tight ship huh?
snake eyes
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rich get richer the poor get poorer.
teamster elvis
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I have a question for Rob Estes. Maybe he will reply. Who knows. When you and Estes Express Lines entered this business venture with YRCW did you trust enough to seal the transaction with a hand shake agreement alone, or did you spend a lot of time and effort to draw up an agreement? A "CONTRACT", a collective two party agreement, that assures both parties of exactly what the agreement implies? I already know the answer, so no reply necessary. TE out.....
what happens to the contract when 122 mill is laid out in cash. does this mean someone sold out. why would anyone sell out ?? o yeah money. so a contract is really worth the price of the paper its wrote on. so really how much money is gonna be laid down to buy out that contract ? kinda weird the contracts that fly around are broken everyday ........... for the right price. glad those contracts are out there
teamster elvis
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I really want a clear rebuttal to my post, so slow down and try it again. Not being disrespectful. I just don't understand your post. TE out.....
imported_DemonDeacon
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Clear enough? DD Out
On February 20, 2009, YRC Worldwide Inc. (the "Company") announced that YRC Inc., USF Reddaway, Inc. and USF Holland Inc. (collectively, the "Selling Subsidiaries"), each a subsidiary of the Company, entered into real estate sales contracts dated February 13, 2009 (collectively, the "Contracts") with Estes Express Lines ("Estes") to sell and simultaneously lease back a pool of the Selling Subsidiaries' facilities located throughout the United States. A copy of the news release announcing the sale and financing leaseback transactions is attached hereto as Exhibit 99.1.
On February 20, 2009, YRC Worldwide Inc. (the "Company") announced that YRC Inc., USF Reddaway, Inc. and USF Holland Inc. (collectively, the "Selling Subsidiaries"), each a subsidiary of the Company, entered into real estate sales contracts dated February 13, 2009 (collectively, the "Contracts") with Estes Express Lines ("Estes") to sell and simultaneously lease back a pool of the Selling Subsidiaries' facilities located throughout the United States. A copy of the news release announcing the sale and financing leaseback transactions is attached hereto as Exhibit 99.1.
teamster elvis
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Went right over your head. Never mind. TE out....
Kings disciple
Ecc. 12:13
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You asked if Estes and yrc entered into a contract pertaining to this latest deal.
those are your words above and deacon answered you...
So what's the problem, you forget how to read? Or are you just trying to say something else without REALLY saying it, the "teamster" way...
those are your words above and deacon answered you...
So what's the problem, you forget how to read? Or are you just trying to say something else without REALLY saying it, the "teamster" way...
teamster elvis
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You asked if Estes and yrc entered into a contract pertaining to this latest deal.
those are your words above and deacon answered you...
So what's the problem, you forget how to read? Or are you just trying to say something else without REALLY saying it, the "teamster" way...
Hey you catch on pretty quick. I will go away again. I'm not going there any more with you guys. Been there, done that. Don't wanna do it any more. TE out and minding his own business......
Kings disciple
Ecc. 12:13
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Ok then....come back when you can't stay as long...:bye1:
imported_DemonDeacon
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:smilie_132: